Find the need for real-time information currently
The evolution of technology makes changes happen at an ever-increasing speed and in today’s fast-paced business world, every second counts. Being constantly updated ensures speed and efficiency in decision making, and it helps creating competitive advantages that will result in an increased value for company.
Markets are becoming more competitive and consumers, as they are more informed than before, are increasingly demanding and are looking for solutions in a practical and fast way. Nowadays, everyone “lives on the run” so that acting late in the business sector may imply a loss of profit. Let’s imagine the following scenarios:
Antonio has a store chain of decoration that usually has very good results, regardless of the time of year. However, in week 30 of year Y, sales decreased dramatically. Antonio uses a traditional management system and analyzes the data always at the end of the week and was very surprised when found that the values were so low. He wondered why sales so suddenly dropped and found that his most direct competitor had made a 20% discount campaign in that week. Antonio decided to launch a campaign for the following week that offered a 30% discount. However, as people had already seen their needs resolved, they didn’t buy at Antonio’s stores.
João has a store chair of decoration that normally has good results, regardless of the time of year. However, in week 30 of year Y, sales decreased dramatically. João uses a business monitoring system (BAM) so he realized that something was happening on the first day of the week. He wondered why sales were lower than usual and found that his most direct competitor was running a 20 percent discount campaign. He made an appointment with the sales and marketing teams and quickly defined that they would launch a campaign that offered a 30% discount. After promoting the campaign, sales increased and there was no drop in the company’s monthly profit.
According to the scenarios presented above, we can said that having a BAM system is beneficial to the business because it allows you to detect problems immediately and act instantly. Business intelligence systems are essential to ensure effective follow-up of business events. Access to real-time information allows you to “take a picture” of the exact status that business is, which greatly influences decision-making and processes flow easier and don’t compromise company’s productivity.
Data available in real time presupposes the possibility of carrying out immediate analyzes, which brings with it obvious benefits: dynamism and speed for the management of operations and greater efficiency for the decision process.
Having business intelligence is knowing how to react to change, managing processes confidently, based on accurate information. In order to get the most benefit from real-time analysis, it’s necessary to define the most relevant indicators for the business and, consequently, optimize operational aspects. Managing a business proactively with very positive results is increasingly possible due to the range of available tools in the market.